CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Will Synairgen shares keep soaring on new Covid-19 treatment?

Synairgen shares are up 30% on Friday following positive trial data, with its new Covid-19 drug containing a protein that reduces the odds of developing severe symptoms and accelerates recovery.

  • Synairgen shares soar 30% on new Covid-19 treatment
  • The Southampton-based biotech company’s drug accelerates patients Covid-19 recovery
  • Synairgen stock is up 2150% year-to-date.

Shares in Synairgen are rallying sharply in today’s trade following positive trial data, with its new drug, known as SNG001, containing a protein that reduces the odds of developing severe symptoms of Covid-19.

The small scale trial results were published in the peer-reviewed Lancet journal, showing positive results in hospitalised patients.

Synairgen shares are up 30% to 130p at the time of publication, with the stock up 2150% year-to-date.

Synairgen’s new drug could accelerate Covid-19 recovery

The Southampton-based biotech company developed a naturally produced protein which helps the body fight viral infections. Synairgen, which was spun out of Southampton University said the drug ‘may have the potential as an inhaled drug to restore the lung's immune response and accelerate recovery from Covid-19’

‘The results confirm our belief that interferon beta, a widely known drug approved for use in its injectable form for other indications, may have the potential as an inhaled drug to restore the lung’s immune response and accelerate recovery from COVID-19,’ Professor Tom Wilkinson, Professor of Respiratory Medicine at the University of Southampton and Lead Author, said.

‘This pH neutral, inhaled interferon beta-1a formulation (SNG001) provides high, local concentrations of the immune protein which boosts lung defences rather than targeting specific viral mechanisms,’ he said.

‘This might carry additional advantages of treating COVID19 when it occurs alongside infection by another respiratory virus such as influenza or Respiratory Syncytial Virus that may well be encountered in the winter months,’ Wilkinson added.

Synairgen: technical analysis

Taking a look at the chart of Synairgen, the stock is down 50% from the summer peak, according to Victoria Scholar, presenter and market analyst at IG.

‘The stock was under pressure earlier this week on the back of Pfizer’s vaccine hopes,’ she said. ‘But today shares are bouncing back, with a gap higher combined with a buy signal from the RSI.’

‘Nonetheless, the stock still remains some way below its descending trendline that’s been in place since October,’ Scholar added. ‘Having broken back up above the 38.2% Fibonacci level, it is now on track to test the 50% fib level at 165.77.’

How to trade stocks with IG

Looking to trade Synairgen and other stocks? Open a live or demo account with IG and buy (long) or sell (short) shares using derivatives like CFDs in a few easy steps:

  1. Create an IG trading account or log in to your existing account
  2. Enter ‘Synairgen PLC’ in the search bar and select it
  3. Choose your position size
  4. Click on ‘buy’ or ‘sell’ in the deal ticket
  5. Confirm the trade

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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